2006
PROPOSED BALLOT INITIATIVES

deadline has passed, proponents did not submit required signatures for ballot status

Short
Ballot Title

An initiative limiting property taxes to one percent of the January 2005 value or the transaction price of the property.

Long
Ballot Title

An initiative to reform property taxes; including limiting property taxes to one percent of the value of property on January 1, 2005, or to the transaction price of property exchanged or constructed except for existing bonds or as authorized by two-thirds of voters in an election and providing for distribution of revenue; limiting annual increases in value of property to eight tenths of one percent; repealing provisions relating to equalization of taxes and replacing state and county boards of equalization with boards of valuation; requiring reporting to county assessors the actual cost of property sold; expanding property tax "circuit breaker" relief to include homesteads not owned by the occupant; repealing exemptions for fifty percent or fifty thousand dollars of the value of owner occupied residential improvements, the speculative value of agricultural property, rural homesite developments, residences in commercial zones, low income housing owned by nonprofit organizations, unused infrastructure, significant capital investments, and small employer growth incentives; requiring refund of excess property taxes; requiring monthly peroration of taxes for changes of status; modifying procedures for collection of delinquent taxes; repealing county warrant redemption funds; repealing income tax credits for real property improvement for corporate headquarters; and making conforming and technical changes.

Attorney
General Certificate of Review

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Full
Text

An Initiative to establish a 1% cap on real property tax. Allowing a maximum 0.8% increase in property value per year. Establishing a base year of the 2003-2004 tax year and with the certified market value January 2005. Requiring truth in transaction and the actual transaction price for tax purposes. This eliminates the need of assessment and assessment values changing per neighborhood sales. This also eliminates the need of a Board of Equalization for real property tax.